The Rateable Value applicable to a commercial property is the Valuation Officers’ opinion of the Annual Rental Value for the property, on assumed terms and conditions on a particular date. Revaluations of all commercial property currently take place every 5 years the most recent in 2010 and the next revaluation is in April 2015.
Bulleys are instructed to act on behalf of a number of car showroom dealerships in the Shropshire and West Midland area. In one particular instruction, Bulleys were retained to act with regard to a large car showroom in Shrewsbury, Shropshire.
Initially, Bulleys inspected and referenced the property to firstly ascertain if the rating assessment was likely to be fair and reasonable or over assessed. After an initial inspection, and carrying out a detailed analysis, an appeal was recommended and lodged with the Valuation Office.
Thereafter, Bulleys entered into detailed negotiations with the Valuation Officer, attending meetings both at the Valuation Officer’s office in Shrewsbury and on site. After further protracted and prolonged negotiations, Bulleys were ultimately successful in reducing our clients rating assessment from Rateable Value £315,000 to Rateable Value £282,500
Undertaking this action on behalf of our client resulted in considerable financial savings in excess of £65,000 over five years.